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18 Nov 2021 07:00
18 November 2021
CROMA SECURITY SOLUTIONS GROUP PLC
("CSSG" or the "Company")
Acquisition of Manchester Locksmith Company - Safeguard Ltd
Croma Security Solutions Group Plc, the total security services provider, is pleased to announce the acquisition of the entire issued share capital of Safeguard Ltd ("Safeguard") for an upfront consideration of £0.53 million plus a deferred consideration of up to £0.08 million. Safeguard is a Manchester based locksmith business servicing the security needs of Cheshire and operating from a retail store in Warrington.
In the 12 months to 30 September 2021 Safeguard generated revenues of £0.5 million and EBITDA of £0.1 million. The business was family owned and has £0.1m of cash and a freehold property valued at approximately £0.35 million.
Safeguard was established in 1982 and over time has built up a loyal customer base amongst local homeowners and businesses, focusing on providing security products to ensure building safety.
The acquisition is in line with the Company's strategy to establish a national chain of modern security centres offering the full range of the Group's services from manned guarding to CCTV, intruder alarm and advanced security systems as well as high security locks. The Safeguard store will be rebranded and adapted to become a security centre and will benefit from having the Group's broader expertise and product range behind it. The total number of security centres is now 11.
Sebastian Morley Chairman of CSSG said:
"Safeguard is an excellent local business and is a natural fit with our strategy of establishing a national chain of modern security centres. We are confident we can increase the earnings from this outlet as we have with our other previous single store acquisitions. Cheshire is an affluent part of the country where home owners and businesses seek and can afford to ensure that their assets are secure."
For further information visit www.cssgroupplc.com or contact:
Croma Security Solutions Group Plc Tel: +44 (0)7768 006 909
Sebastian Morley (Chairman)
WH Ireland Limited Tel: +44 (0)207 220 1666
(Nominated Adviser and Broker)
Mike Coe
Jessica Cave
Novella Tel: +44 (0)203 151 7008
Tim Robertson
Fergus Young
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